You are here

Chuan Hup acquiring office units at The Central

CHUAN Hup Holdings is acquiring several office units at The Central at 8 Eu Tong Sen Street for around S$42.01 million.

Its subsidiary, ProVest Holdings, has accepted an option to purchase (OTP) from Riverhub to acquire a whole strata lot spanning 1,239 square metres, within which several office units are located. The four units are individually rented out at different rentals and under different lease terms.

In a filing to the Singapore Exchange on Monday, Chuan Hup said: "The company wishes to enter into the transaction for the purpose of long-term investment. The acquisition provides the group with an opportunity to own a strategically located commercial property, which will enable the group to earn a sustainable and recurring source of rental income."

Savills Valuation And Professional Services estimated the open-market value of the 99-year leasehold property at S$42 million in a report dated Feb 15.

The deal will be completed 10 weeks from the OTP. Chuan Hup said that the purchase will be funded through a mix of internal resources and borrowings.

Your feedback is important to us

Tell us what you think. Email us at

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to